The respondent expressed lack of confidence on the learned Arbitrator.

The petitioner has pointed out a letter written by the learned Advocate-on-Record for the respondent which, according to the petitioner, was disrespectful to the learned Arbitrator. The petitioner apprehends that the same conduct will be repeated by the respondent's learned Advocate.

Mr. Kar, learned Senior Advocate for the respondent, submits that the letter written by the Advocate-on-Record for the respondent was in answer to the contents of the letter written by the petitioner's Advocate.

2

It appears that there were allegations and counter allegations with regard to the conduct of the parties before the learned Arbitrator. The situation was very unfortunate.

The Court: Liberty is granted to the advocate-on-record for the claimant to correct the description of the application in the cause title.

By communication dated September 3, 2024, learned sole arbitrator appointed by the court informed the parties that he had resigned from the matter. He thus refused to act as the sole arbitrator. The petitioner prays for appointment of a substitute arbitrator.

2

Ms. Banerjee, learned advocate for the respondent submits that the respondent had filed a suit. An application under Section 8 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the said Act,) is also pending before the learned Civil Court at the instance of the petitioner. As such, this Court must refrain from appointing an arbitrator as the issues involved in the suit are yet to be decided and the application under Section 8 of the said Act has been filed with similar prayers.

The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against an order dated October 26, 2023, passed by the Income Tax Appellate Tribunal, "C" Bench, Kolkata (Tribunal) in I.T.A No.1842/Kol/2017, for the assessment order 2009-10.

The revenue has raised the following substantial questions of law for consideration:-

i) Whether on the facts and in law, the Hon'ble ITAT is justified in setting aside the order of the Ld. CIT(A) and deleting the additional made by the A.O. towards unexplained share capital and share premium of Rs.15,51,00,000/- u/s. 68 of the Act by holding that the assessee had discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions overlooking the fact that not even a single Director of the share subscribing companies appeared before the Assessing Officer nor provided a valid reason for their non-appearance?

Bivas Pattanayak, J. :-

1. The instant execution case has been filed by the plaintiff-decree holder against the defendant-judgment debtor for execution of a decree dated 24th March, 2021 for a sum of Rs.12,54,607.68/-.

2. In its affidavit in support of tabular statement the decree holder contends that the judgement-debtor holds immovable property namely an office at Golpark Co-operative Housing Society, Flat no. 13/B2, 4th Floor, 49C, Govindapur Road, Lake Gardens (near Jodhpur Market), Kolkata-

2

700068 and operates bank account at UCO Bank, Park Circus Branch, Kolkata-700014.

3. The judgement debtor through its partner filed its affidavit of assets who contends that he possesses the above mentioned flat and the bank account.

RESERVED ON : 11th NOVEMBER 2024 PRONOUNCED ON: 12th NOVEMBER 2024 _______________________ Judgment (Per Advait M. Sethna, J.)

1. Rule, made returnable forthwith. Respondents waive service. By consent of the parties, the petition is heard finally.

NOVEMBER 12, 2024 18-WP(L)-17982-2024(J).DOCX

2. This petition is filed under Article 226 of the Constitution of India. Briefly, the petition challenges an order dated 30 th March 2024 passed by respondent No.1 ("impugned order" for short). By the said order, the application filed by the petitioner dated 9 th November 2022 seeking waiver of interest charged under Section 234C of the Income Tax Act, 1961 ("Income Tax Act" for short) for the Assessment Year 2021-22 ("A. Y. Year 2021-22" for short) stood rejected. The reliefs/prayers in the petition are set out at pages 52 to 54 in para 12 thereof. The substantive relief/prayer is to quash and set aside the impugned order passed by respondent No.1 and to grant waiver of interest for an amount of Rs.3,88,59,353/- charged under Section 234C of the Income Tax Act. Such is the limited issue for consideration before us.

Heard the learned Senior counsel for the appellant and learned counsel for the caveator-respondent Nos.1 to 9.

2. This miscellaneous first appeal is filed praying this Court to set aside the order of status-quo granted by the Trial Court dated 05.10.2024 in O.S.No.7166/2024 passed on I.A.No.2 filed by respondent Nos.1 to 9 and grant such other relief as deems fit in the circumstances of the case.

3. The respondents/plaintiffs before the Trial Court also sought for the relief of temporary injunction restraining the defendant Nos.1, 2 and 3 from enforcing or acting upon the invocation notice dated 28.09.2024 and from taking any further action regarding transfer or encumbrance of the pledged shares of Mantri Infrastructure Pvt. Ltd. (100%), Mantri Developers Pvt. Ltd. (51%) or Agara Techzone Pvt. Ltd. (12%) or from enforcing any security under the Bond Trust Deed and Pledge Agreements, until final adjudication of the rights of the parties by the Trial Court and inter alia sought for the relief on I.A.No.2 to restrain the defendant Nos.1 to 3 from enforcing or acting upon invocation notice dated 28.09.2024. The respondents also filed applications and order is passed only on I.A.Nos.2 to 4. It is also borne out from the records that caveat was also filed and learned counsel for both the parties were heard and suit was filed before the Vacation Court and I.A.No.1 was filed under Section 11(3) of Bengaluru City Civil Court Act to take up the matter before the Vacation Court and the same was allowed.

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